The Minister of Economy and Labour, Jason Hayward, will join industry leaders at next week’s Risk and Insurance Management Society (RIMS) annual conference and exhibition in San Francisco. 

“As the Minister responsible for International Business, I look forward to attending RIMS with the large delegation of industry stakeholders from Bermuda, led by the Premier and Minister of Finance, David Burt. RIMS is a significant opportunity to showcase everything Bermuda offers,” said Minister Hayward.

Bermuda is the single most important property and catastrophe market globally, a premier captive domicile and the leading issuer of the Insurance Linked Securities (ILS). Bermuda is also a growing market for the life and annuities sector and an essential hub for capital management. Fourteen of the world’s top 50 reinsurers hold licences on the island. Since 1997, Bermuda’s commercial (re)insurers have paid out over a half a trillion dollars to policyholders and cedants in the US, EU, and UK 

“There are several reasons why Bermuda is a leading jurisdiction for international companies,” continued Minister Hayward. “As a small jurisdiction, we punch well above our weight class, competing globally against sophisticated markets, and we have a strong story to tell.”

Bermuda’s key strengths include:

1.      Safety and stability 

·Bermuda has always been a safe and secure destination from a political, economic and personal perspective, driving investor confidence

2.      Quality and expertise 

·Bermuda is a blue-chip jurisdiction with a deep talent pool of highly qualified professionals working across multiple industries

3.    Ease of doing business 

·Bermuda’s advantageous geographical location combines with its physical, financial, and regulatory landscape to create an environment of unparalleled access and convenience, making it a safe, compelling destination for global busines

4.      Global contribution and connections 

·Bermuda punches well above its weight in international commerce. Close economic, political, and cultural ties with global trade partners, combined with its successful international business sector, ensure Bermuda plays a crucial role in supporting the global economy

5.      Sophisticated lifestyle 

·A safe, welcoming culture; stunning natural beauty; first-rate schools, top-tier health care; exciting sports; an enriching arts and cultural scene; and a UNESCO World Heritage site all help create one of the highest standards of living in the world. This helps attract and retain capital and talent, including those who can work remotely.  

Our financial regulator, the Bermuda Monetary Authority (BMA), has built up a world-renowned reputation. Marking 50 years of operation in 2019, the BMA has established an internationally respected, robust, yet fit for purpose regulatory regime. The BMA supports innovation and launched its best-practice innovation tracks, and takes a pragmatic approach to facilitate speed to market.

Bermuda is one of just two countries holding full equivalence in all three areas of the EU’s Solvency II insurance regulatory regime, one of three jurisdictions holding National Association of Insurance Commissioners (NAIC)–reciprocal status, and one of seven jurisdictions holding NAIC-qualified status (a pre-requisite to achieving “reciprocal” status) 

The Government of Bermuda remains committed to supporting international business in Bermuda by ensuring that they have a business ecosystem that allow them to thrive. 

Minister Hayward concluded, “As this Government continues our commitment to grow jobs and the economy, this industry is creating opportunities for Bermudians to enter and progress through.”

“The Government’s National Economic Report indicated that 4,411 people worked in International Business in 2021, up from 4,240 in 2020, and is now officially the island’s largest employer. Our international businesses want to hire qualified Bermudians with the right skill sets, and we must create opportunities to enable Bermudians to achieve these skills.”

“Our International Business Sector is important to Bermuda. It is an industry that provides great value for us and is the bedrock of Bermuda’s economy and represents over a quarter of our total GDP (27.5%), which is a continuation in the trend of previous years.”